From RTÉ, 20th Oct 2015
[
Philip Lane, an economics professor at Trinity College Dublin, has been named as the new Governor of the Central Bank. He replaces Professor Patrick Honohan, who announced in May that he would retire by the end of the year. His retirement comes before his seven-year term as Governor was due to end in September 2016.
](Philip Lane named as new Central Bank Governor )
Readers of Irisheconomy.ie will be familar with some of his work. His personal site is philiplane.org/
Here he is in 2011 on issues in the Euro
Blue Horseshoe
Beats having the insider from the Civil Service. But time will tell
The key test is, does he fiddle with the 3.5x Income & 20% deposit rule ?
Coles2
October 20, 2015, 11:26am
#4
Best we could have hoped for?
In fairness to the late Brian Linehan jr. He did initially appoint Honohan, who seemed to do an awful lot of the right thing.
Outstanding result. If you read his stuff on Irisheconomy, it is built of sense.
Coles2
October 20, 2015, 12:21pm
#8
I give him 6 months before he runs screaming down Dame Street.
This has freed up a couple of pins from my Noonan doll.
In other news, Marian Finucane is going to have a bad week.
Caesar
October 20, 2015, 12:49pm
#10
Once every now and then my faith in the Irish political establishment gets a little bit restored. This is one of those occasions. The cynic in me says that he only appointed Lane because we are on the eve of a GE, but I have to hand it to Baldy nonetheless
gerrymc
October 20, 2015, 4:57pm
#11
well done Noonan
insiders for the last couple of years have said that Watt is outstanding at his job ( I believe them )
but it was a step too far to promote him in this way
Anyone know what his views are on loan rules? Hope he’ll leave them alone
Wyatt was Noonan’s (and Enda’s) 1st choice but the ECB veto’ed.
Same lady in Frankfurt who forced the 3.5 x Mortgage Rule (she has a portfolio of PIIG banks under the repo program).
Usual Irish mess-up, and were sent scurrying for a Honahan Mk II (i.e. Prof. of Economics), that she would accept.
ECB up to their eyes in Irish repos (rolling weekly loans at 0% for Irish banks to buy 10 year Irish Sov. Debt).
Not taking any crap from Noonan.
tcd.ie/Economics/TEP/2015/TEP0615.pdf
At a national level, there are three main challenges. First, macroprudential regulation of the Financial system has the potential to mitigate Financial risks . However, this is no easy task and is made more difficult by the rise of shadow banking and shifts in Financial activity towards non-regulated sectors. In addition, the scope for cross-border spillovers and leakages in relation to macroprudential policies means that appropriate coordination through the European Systemic Risk Board (ESRB) is essential . Second, Fiscal policy should at the same time both maintain long-term sustainability while also contributing to macroeconomic stability by moving counter-cyclically against both the output cycle and Financial cycle (Calmfors 2003, Benetrix and Lane 2013). To this end, it is necessary that the European Fiscal framework be intelligently interpreted to enable the attainment of these twin goals. Third, national legal and Financial systems and domestic labour markets should be designed to tolerate inter-sectoral reallocations. For smooth adjustment, the capital ratios and credit policies of banks should be sufficiently resilient to absorb losses in declining sectors while funding new lending in expanding sectors; bankruptcy and debt restructuring should be efficiently processed by the legal system ; and labour market institutions should be capable of facilitating separations between workers and Firms in contracting sectors and new matches in expanding sectors
Nothing very scary there, except maybe “it is necessary that the European Fiscal framework be** intelligently interpreted** to enable the attainment of these twin goals”.
Noonan set up for a massive fight over the 3.5 x Mortgage Rule.
Commissioned loads of “expert” reports on why it should be 4.5 x and 10%.
Was not only shut down, but told any further agitation (direct or indirect) would have consequences.
Since then, Noonan has been sulking, refusing to resolve and land issues, rent issues etc.
Keeps claiming to ECB that all Irish issues around Irish housing are from the 3.5 x Mortgage Rule.
Raised it as a potential area of “social unrest” with some ECB members (even sent one cuttings from Simon Community).
Unfortunately for Noonan, ECB board members have better understanding of real estate economics than Irish journalists.
Was sent back a report on why Irish land is fundamentally overvalued and the state’s role supporting this.
Pins firmly re-inserted into the Noonan doll.
gaius
October 20, 2015, 5:29pm
#19
observer35:
Mantissa:
observer35:
Wyatt was Noonan’s (and Enda’s) 1st choice but the ECB veto’ed.
Same lady in Frankfurt who forced the 3.5 x Mortgage Rule (she has a portfolio of PIIG banks under the repo program).
Usual Irish mess-up, and were sent scurrying for a Honahan Mk II (i.e. Prof. of Economics), that she would accept.
ECB up to their eyes in Irish repos (rolling weekly loans at 0% for Irish banks to buy 10 year Irish Sov. Debt).
Not taking any crap from Noonan.
That’s believable. Once again the Germans save us from ourselves. We really shouldn’t be allowed self-govern.
Noonan set up for a massive fight over the 3.5 x Mortgage Rule.
Commissioned loads of “expert” reports on why it should be 4.5 x and 10%.
Was not only shut down, but told any further agitation (direct or indirect) would have consequences.
Since then, Noonan has been sulking, refusing to resolve and land issues, rent issues etc.
Keeps claiming to ECB that all Irish issues around Irish housing are from the 3.5 x Mortgage Rule.
Raised it as a potential area of “social unrest” with some ECB members (even sent one cuttings from Simon Community).
Unfortunately for Noonan, ECB board members have better understanding of real estate economics than Irish journalists.
Was sent back a report on why Irish land is fundamentally overvalued and the state’s role supporting this.
Is this insider information or is there a verifiable source?
Coles2
October 20, 2015, 5:42pm
#21
observer35:
Unfortunately for Noonan, ECB board members have better understanding of real estate economics than Irish journalists.
Was sent back a report on why Irish land is fundamentally overvalued and the state’s role supporting this.
Great posts observer35. Is there any copy of that report available? I assume it won’t be published in Ireland but the EU probably will?
Ireland was circa. average for two of these three, but and much higher for third.
can’t clarify any more.
